The European Investment Bank (EIB) has partnered with the National Bank of Greece to launch a €650m green infrastructure initiative.
As part of the EIB’s "Infrastructure Fund of Funds", the following will be awarded funding:
- Wind and photovoltaic parks
- Biomass and biogas plants
- Energy-efficient buildings
- Urban schemes to rehabilitate deprived districts
- Water and waste management
The National Bank of Greece is to be the first partner for the scheme, and will help mobilise private funding. Other leading Greek banks are expected to joint the fund.
Andrew McDowell, the EIB’s vice president, said: "Local investment is essential to harness renewable energy, cut energy use and improve urban areas and unlock projects that have been delayed in recent years.
"The Infrastructure Fund of Funds combines financial resources and technical expertise essential for priority and high impact investment."
Paul Mylonas, the National Bank of Greece’s chief executive, said: "The Infrastructure Fund of Funds agreement will further strengthen our long-standing cooperation with the EIB.
"Providing financing solutions for infrastructure that also foster sustainable development and inclusive growth is a key element of National Bank of Greece’s strategy.
"This agreement reinforces our strategy and underlines our unequivocal commitment in supporting the transition to a greener economy, focused on the protection of the environment and the promotion of resource efficiency while creating new jobs and supporting the country’s economic recovery."